Technical analysis: key levels for gold and crude

Gold rallied off the Friday lows and is looking to try to get back to $1200, while OPEC’s dilly-dallying is hurting oil.

Gold bullion
Source: Bloomberg

Gold looks to keep upward momentum going

The price found plenty of buying on Friday down at $1172, so if upward momentum is maintained and the dollar keeps weakening, we could see a move back above $1200.

The next targets would be $1220 and then $1250. Bears will need to get the price below $1170 to kick off another move lower.

Brent surrenders price on back of OPEC news

OPEC news over the weekend has caused oil to surrender most of the ground gained last week. Now the price needs to keep moving below $47 to maintain downward momentum, in which case we look to $45.35 and then $44.11.

A close below the latter targets $41.64. Buyers will need to get the price back above $48 to try to restore a semblance of bullishness. 

WTI stunted by OPEC indecision

The picture is similar here, with the price well off the highs of the session. It looks like we are in for a test of $42 and then $40 if OPEC fails to agree a deal.

Bulls need to push back above $46.60 and then keep going to the 50-day SMA (currently $46.08). 

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